This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:16 p.m. on Jan. 28, 2026.
Domestic private equity fund (PEF) manager Elevation Equity Partners (hereinafter Elevation PE) is moving to acquire the dining franchise brand "Myeongnyun Jinsa Galbi." It is understood to have emerged as a leading candidate, overtaking Leading Ace Capital, which had been reviewing an acquisition of management control of Myeongnyundang, the operator of Myeongnyun Jinsa Galbi, until recently.
According to the investment banking (IB) industry on the 28th, Elevation PE recently decided to acquire management control of Myeongnyundang and began due diligence on finances and other matters. It is said to plan to conduct financial due diligence timed to the expiration of Leading Ace Capital's negotiation period and then move into follow-up steps such as securing acquisition financing.
Elevation PE rose to the shortlist by proposing a "package deal" to acquire three companies at once: not only Myeongnyundang but also Allday Fresh, operator of the shabu-shabu franchise brand "Shabu All Day," and Penple, a meat wholesale and distribution company. The total transaction size is estimated to be in the high 200 billion won range.
Myeongnyundang has been on the M&A market since 2024 and has been negotiating with multiple financial investors (FIs). In the early stages, PEF manager Forest Partners emerged as a bidder and even brought in a major domestic conglomerate as a strategic investor (SI), but the transaction fell through after controversy erupted over illegal lending.
Since 2023 through 2024, Myeongnyundang is suspected of borrowing about 79 billion won from banks at an annual interest rate of 3%–4% and then, through 12 lending subsidiaries, lending money to franchisees. In November last year, the Seoul Metropolitan Government's Civic Safety Investigation Unit referred Myeongnyundang CEO Lee Jong-geun to prosecutors on charges of illegal lending business.
More recently, Leading Ace Capital, a subsidiary of Leading Investment & Securities, pushed for an acquisition. However, mindful of the controversy surrounding Myeongnyundang, Leading Ace Capital proposed acquiring only Allday Fresh, and it is said the seller's preference shifted toward Elevation PE, which proposed a package acquisition of Myeongnyundang and Allday Fresh.
Elevation PE is regarded as one of the most aggressive PEF managers in the food and beverage market. Originating from Citigroup's proprietary investments team, which has invested in distributors such as CJ O Shopping and Nongshim, it drew attention by acquiring the budget coffee franchise "COMPOSE COFFEE" in 2024 together with Philippine dining corporations Jollibee Foods.
Elevation PE is said to have moved to pursue an acquisition, giving high marks to the steep top-line growth of Myeongnyun Jinsa Galbi and Shabu All Day and their potential for overseas expansion. In particular, Myeongnyundang's sales last year were 242 billion won, up nearly 73% from 140 billion won in 2020, five years earlier.
An IB industry official said, "Even amid an economic downturn, the market dominance of Myeongnyun Jinsa Galbi and Shabu All Day, which have continued steady growth thanks to value for money, is inevitably an attractive investment element," adding, "In particular, Elevation PE has recently reviewed a variety of assets to source new investments in food and beverage and consumer goods."